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Jaguar to pick UK over Spain for battery plant: Report

Tata Motors boss is expected to fly into Britain next week to finalise the deal

Tata Motors, the Indian owner of carmaker Jaguar Land Rover, is set to select Britain over Spain to for a giant battery plant employing up to 9,000 people, the BBC reported Wednesday (24).

The broadcaster, citing sources familiar with the matter, added that the boss of Tata Motors was expected to fly into Britain next week to finalise the deal and meet with Prime Minister Rishi Sunak.

The factory will be built in Somerset, southwest England, after the site beat off competition from Spain, according to the report.

The deal has not yet been signed but preparations are underway over how to present the agreement, the sources told the BBC.

The UK government did not respond to a request for comment.

The Financial Times newspaper had reported earlier this year that Tata had requested £500 million from London to help it build the plant in Somerset.

Environmental campaign group Greenpeace welcomed Wednesday's report.

"Securing this gigafactory was critical to ensuring the UK even has a car manufacturing sector going forward," said Greenpeace UK policy director Doug Parr.

"But the thousands of jobs it will create demonstrates the huge advantages that come with investing in home-grown green tech."

Britain plans to ban the sale of new high-polluting diesel and petrol cars from 2030, forcing its car manufacturing sector to switch production to electric vehicles.

That target is part of its long-standing goal to achieve net zero carbon emissions by 2050 in order to help tackle climate change.

(AFP)

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British American Tobacco to sell stake in Indian hotel chain

Highlights

  • BAT to sell between 7 per cent and entire 15.3 per cent stake in ITC Hotels via block deal.
  • Proceeds will help company achieve target leverage range of 2-2.5x by end of 2026.
  • BAT acquired stake following ITC Hotels' demerger from parent company ITC in January 2025.
British American Tobacco announced on Thursday it plans to sell its stake worth about $776 m (£580 m) in in ITC Hotels through an accelerated bookbuild process, as the tobacco group moves to reduce debt on its balance sheet. BAT intends to offload between 7 percent and its entire 15.3 percent shareholding in the Indian hotel chain.

The company's wholly owned subsidiaries, Tobacco Manufacturers (India) Limited, Myddleton Investment Company Limited and Rothmans International Enterprises Limited will conduct the block deal with institutional investors.

The final number of shares sold will be determined to optimise overall pricing outcome for the group, BAT said. Funds raised from the transaction will help the company transition to its target leverage range of 2-2.5x adjusted net debt to adjusted EBITDA by the end of 2026.

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